My Bitcoin Valentine Gift to you: Calming the FUD!
Hi all,
Hope you are enjoying the holiday if you have someone special in your life. I got my bulldog a heart shaped dog cake today :) Will post pictures to my twitter later.
There has been a tremendous amount of FUD on twitterverse and other channels. Let's look at the charts and be logical here.
1) We are trading inside the dumb zone. There is literally nothing for you to worry or be happy about until bitcoin get's out of this zone.
2) Bull Zone: If we see BTC move into this region we can be more bullish bias. BUT, we need to see a breakout above the 61.8% to confirm the butterflies in our stomachs.
3) Bear Zone: If BTC breaks below 60% of the bull flag (below $3490) selling pressure will increase. Bears will target the 200 Week MA and try to break below this.
4) Bitcoin has made a higher low from the December low of 3,100-ish. Be proud of that. We bounced off the 200 Week MA twice!
5) Bitcoin needs to hold the 20 Day EMA (pink line) and tested this as support on today's daily candle.
6) Prices continue to get squeezed so eventually we'll see either a break out or a break down. It's literally flipping a coin right now based on all trading indicators.
7) We have our technical frame work together so there's no need to feel anxiety and spend hours staring at the charts. Let the market do what it wants to do!
Ok - feeling better? If you went long in the market around that $3,500 range with me I have my stop loss at $3,400. I will continue to re-evalute this as the market progresses!
Cheers,
Bobby
Hope you are enjoying the holiday if you have someone special in your life. I got my bulldog a heart shaped dog cake today :) Will post pictures to my twitter later.
There has been a tremendous amount of FUD on twitterverse and other channels. Let's look at the charts and be logical here.
1) We are trading inside the dumb zone. There is literally nothing for you to worry or be happy about until bitcoin get's out of this zone.
2) Bull Zone: If we see BTC move into this region we can be more bullish bias. BUT, we need to see a breakout above the 61.8% to confirm the butterflies in our stomachs.
3) Bear Zone: If BTC breaks below 60% of the bull flag (below $3490) selling pressure will increase. Bears will target the 200 Week MA and try to break below this.
4) Bitcoin has made a higher low from the December low of 3,100-ish. Be proud of that. We bounced off the 200 Week MA twice!
5) Bitcoin needs to hold the 20 Day EMA (pink line) and tested this as support on today's daily candle.
6) Prices continue to get squeezed so eventually we'll see either a break out or a break down. It's literally flipping a coin right now based on all trading indicators.
7) We have our technical frame work together so there's no need to feel anxiety and spend hours staring at the charts. Let the market do what it wants to do!
Ok - feeling better? If you went long in the market around that $3,500 range with me I have my stop loss at $3,400. I will continue to re-evalute this as the market progresses!
Cheers,
Bobby
Comment:
can we push through the 50 Day MA (orange MA line)? Either way we are still in the dumb zone so nothing to worry about. prices continue to get squeezed and eventually we will reactivate bullish or bearish with a violent move...as far as timing that's the hardest thing to predict. Maybe this weekend is my feeling. but it's just a feeling.
